Weekly review
By Josh White
Date: Friday 13 Jun 2025
(Sharecast News) - The FTSE 100 ended the week up 12.72 points, or 0.14%, closing at 8,850.63 on Friday.
Equity view
Drugmaker GSK said on Friday that its RSV vaccine, Arexvy, has been accepted for regulatory review by the European Medicines Agency to expand use in adults 18 years and older. The FTSE 100-listed group noted that Arexvy was the first RSV vaccine approved in the European Economic Area for the prevention of lower respiratory tract disease caused by RSV in adults aged 60 and older, and for those aged 50-59 years who are at increased risk for RSV disease.
Oxford Instruments reported adjusted revenue and operating profit growth in the 12 months ended 31 March, driven by "good" momentum and "robust" demand. Oxford Instruments said FY revenues had grown 6.5% to £500.6m, exceeding £500.0m for the first time in company history, while operating profits were up 10.8% at £82.2m.
Industrial chain manufacturer Renold has reached an agreement regarding a £187m takeover from private equity firm Morgenthaler Private Equity, causing shares to surge on Friday. Last month, the company revealed that it had received two takeover proposals - one from a consortium comprising Buckthorn Partners and One Equity Partners at 81p per share, and the other from Ohio-based Webster Industries, a company majority-owned by a fund managed and controlled by MPE, at 77p per share.
British gas producer Energean said on Friday that it has temporarily suspended production and activities at its power floating production, storage and offloading vessel located off the coast of Northern Israel. Energean stated it had received notice from Israel's Ministry of Energy and Infrastructure ordering the suspension of operations after the country launched a wide scale attack against Iran, which launched 100 drones in retaliation.
Real estate investment trust Segro tapped Susanne Schroeter-Crossan to take over as chief financial officer on Thursday, succeeding Soumen Das who will step down at the end of the year. Schroeter-Crossan currently serves as the CFO of Sennder Technologies, a digital road freight and logistics business. Chief executive David Sleath said: "I am delighted that Susanne will be joining Segro at such an exciting time as we are set to build on our market-leading positions in the industrial, logistics and data centre sectors.
Safety equipment outfit Halma has reported record revenues and profits for the 12 months to 31 March, with both rising by double-digit percentages, as it lifted its dividend by 7%. The company, which makes hazard detection and life protection equipment, reported revenues of £2.25bn, up 11% over the year, as 18% growth in the Environment and Analysis sectors made up for a more modest 3.2% improvement in Healthcare.
Supermarket chain Tesco said on Thursday that like-for-like sales had grown across the group as it continued to deliver market share gains. Group LFL sales were up 4.6% at £16.38bn, with LFL sales in the UK growing 5.1% to £12.3bn, while Ireland LFL sales were up 5.5% at £772.0m and Central Europe LFL sales improved 4.1% to £997.0m.
Personal care products company Revolution Beauty confirmed on Thursday that it has received proposals from "a number of parties" regarding its formal sale. Revolution Beauty said the board, together with its financial adviser, was currently evaluating the proposals, which may then result in further access to diligence materials being granted.
Healthcare property investment and management firm Assura has agreed to an increased and final 52.1p-a-share offer from KKR and Stonepeak valuing the company at around £1.7bn. The announcement comes days after Assura said due diligence in relation to a rival 51.7p takeover proposal from Primary Health Properties was still ongoing, with both parties "working closely" together.
Engineering firm Weir has been tapped by copper producer Codelco to supply its tailings transport solution for the Talabre tailings dam expansion project in the Atacama region of Chile. Weir said on Wednesday that the initial £40.0m sustainable tailings solution contracts would be booked in Q225. In total, the FTSE 100-listed group noted that the contracts represent the single largest order for its GEHOâ pumps.
Globaldata has announced that ICG has walked away from takeover discussions after two months of speculation. ICG and KKR had been circling the data analytics and consulting company since late-April, though KKR talks were terminated two weeks ago after an agreement could not be reached. ICG's 'put up or shut up' deadline was then extended to 1700 BST on Wednesday, but the private equity firm has now confirmed it does not intend to make an offer.
Building products firm Ibstock said on Wednesday that cost inflation had become more of an issue throughout H1 despite seeing sales volumes in its core business that were "materially above" the prior year. Ibstock said activity levels in its markets had continued to be ahead of the prior year period, reflecting increased demand in residential construction markets.
Construction firm Bellway said on Tuesday that trading has been "robust" through the spring selling season, with its forward order book increasing by 7.7% year-on-year and comprising 5,759 homes as of 1 June. Overall average selling prices were now anticipated to be around £315,000, up from £307,909 on 31 July, while volume output was pegged to be between 8,600 and 8,700 homes in FY25, up from 7,654 homes. Bellway also continues to expect underlying operating margins to approach 11.0%, ahead of the prior year's 10.0% mark.
Mike Ashley's Frasers Group said any bid for troubled cosmetics retailer Revolution Beauty would be all cash. In a stock exchange filing on Tuesday, Sports Direct owner Frasers cautioned that there could be "no certainty that an offer will be made for Revolution Beauty nor as to the terms on which any offer might be made, a day after it emerged the group was conducting due diligence on a potential purchase, sending shares in its target surging 10%.
Train and bus operator FirstGroup has announced a new £50m buyback and said the outlook for the current year remains in line with expectations, though rail results will be lower due to South Western Railway (SWR) transferring into public ownership. While further adjusted operating profit progress is expected in the First Bus division over the 12 months to 29 March, helped by productivity, overhead and yield improvements, along with recent acquisitions, First Rail adjusted revenue and profit will be "marginally lower".
Self storage operator Safestore saw a slight dip in interim underlying profits due to declines in occupancy levels and rental rates, but said it remains "comfortable" with full-year expectations, with third-quarter trends consistent with the first half. Frederic Vecchioli, Safestore's chief executive, said the company delivered a "robust first-half performance while investing in the future growth pipeline", with four new stores set to open in the second half, and 16 new stores earmarked for next year and beyond.
Pantheon Resources has appointed a new chief financial officer, with current CFO Phil Patman set to leave the Alaska-focused oil and gas company after just nine months in the role. Tralisa Maraj, the CFO of US-listed LiveWire Group and former CFO of Canada-listed CGX Energy, has been named as Patman's replacement. The shake-up comes ahead of the oil and gas firm's transition from a pre-revenue AIM-listed company to a producer listed on a senior US exchange.
Property developer Henry Boot has finalised a £9.5m sale of a multi-let industrial led business park in West Lancashire. Henry Boot's property investment and development arm HBD has completed the sale of TWO45 to an unnamed European real estate developer. The deal also includes planning consent for an expanded redevelopment of the 10-acre site in Skelmersdale, secured last year.
Security and surveillance solutions firm Synectics said on Monday that it had delivered a "positive trading" performance, combined with solid order intake, and said it was confident for FY25 as a whole. Synectics said it has continued to see "solid order intake" and ongoing new business momentum across H125, with trading for the year ending 30 November set to be "comfortably in line with market expectations" of £65.0m in revenue and adjusted pre-tax profits of £5.3m.
Greencoat Renewables said on Monday its secondary listing on the Johannesburg Stock Exchange's Alternative Exchange has become effective, following an earlier announcement on 19 May. The AIM-traded renewable energy infrastructure company confirmed trading commenced on the JSE at market open on 9 June. It said the move was a further step in its strategy to broaden its investor base and enhance access to capital across multiple jurisdictions.
Economic news
Retail footfall across the UK declined in May, fresh industry data revealed on Friday, marking a slowdown in consumer activity as the summer season started. According to the latest BRC-Sensormatic Footfall Monitor, total visits to retail destinations fell by 1.7% year-on-year, a sharp contrast to the 7.2% increase recorded in April.
The UK economy contracted more than expected in April as higher taxes and Trump's tariffs took their toll, according to figures released on Thursday by the Office for National Statistics. The economy shrank 0.3% following 0.2% growth in March. Economists were expecting a contraction of 0.1%. The data showed that monthly services output fell 0.4% in April following 0.4% growth the month before, and was the largest contributor to the fall in monthly GDP.
House prices weakened in May, a closely-watched industry survey showed on Thursday, as consumer sentiment faltered. According to the latest residential market survey from the Royal Institution of Chartered Surveyors, the house price balance was -8 in May, down on April's -3. A net balance is the proportion of respondents reporting a rise in prices minus those seeing a decline.
Struggling discount retailer Poundland has been sold for a nominal amount to US investment firm Gordon Brothers, it was confirmed on Thursday. Warsaw-listed Pepco Group, which has owned the UK retailer since 2016, did not reveal how much it had been sold for. However, according to multiple media reports, it was for a nominal €1.
Pod Point Group Holdings has agreed to be taken over by EDF, it was announced on Thursday, for a fraction of the £350m it was valued at when it floated just four years ago. The British firm, which sells the hardware required to charge electric vehicles, debuted on the London market in 2021. The initial public offering was priced at 225p per share. But on Thursday it confirmed it had agreed to be taken over by the French state utility - its largest shareholder, with a 53% stake - for 6.5p per share.
The chancellor outlined the government's ambitious spending plans on Thursday, including a widely-trailed £39bn investment in social housing and a cash injection for the NHS. Addressing a packed House of Commons, Rachel Reeves said she had made the "necessary" choices to "fix the foundations of our economy" in April's budget, and insisted: "The priorities of this spending review are the priorities of working people."
The UK unemployment rate ticked up in the three months to April, while wage growth eased, according to figures released on Tuesday by the Office for National Statistics. The unemployment rate rose to 4.6% from 4.5% in January to March, marking the highest level since July 2021. Meanwhile, growth in average weekly earnings excluding bonuses fell to 5.2% from 5.6%.
Weak discretionary spending held back UK retail sales in May, with year-on-year growth slowing dramatically to the lowest level so far this year. Total retail sales rose by just 1% last month compared with last year, according to the British Retail Consortium's retail sales monitor on Tuesday.
International events
Oil prices continued to surge on Friday, alongside a rush for safe-haven assets, after Israel launched a series of air strikes against Iran. As at 1200 BST, benchmark Brent crude had put on 8% at $74.74 a barrel. West Texas Intermediate was also 8% higher, at $73.66. Gold, meanwhile, was up 1% at $3,417, pushing back up towards recent record highs as investors retreated into safe-haven assets. The US dollar was also higher against a basket of currencies.
French lender Groupe BPCE is to take over Portugal's fourth-largest bank Novo Banco for an estimated €4.8bn, snapping up the remaining 75% it doesn't already own. Groupe BPCE, the second-largest lender in France, has signed a memorandum of understanding for the acquisition of a 75% equity interest from private equity firm Lone Star Funds. The deal values the business at €6.4bn, at a multiple of around nine times annual earnings.
Industrial production across the Eurozone slumped in April, official figures showed on Friday, missing expectations for a more modest decline. According to Eurostat, the statistical office of the European Union, industrial production slid 2.4% month-on-month. That compares to the previous month's 2.4% rise, and was worse than consensus, for a 1.7% decline.
Israel's Air Force attacked Iran's nuclear weapons programme and ballistic missile sites overnight. The attack was conducted by some 200 fighters, including against Tehran's main uranium enrichment facility at Natanz, as well as Iranian commanders and nuclear scientists, the Wall Street Journal reported. In response, as of 0740 BST front-dated Brent crude oil futures were jumping 6.86% to $74.12 per barrel.
Consumer price inflation in Germany held steady in May, while wholesale price growth slowed for the third straight month, according to the Federal Statistical Office on Friday. The year-on-year change in the consumer price index was 2.1% last month, unchanged from the previous month and in line with the preliminary estimate released two weeks ago, Destatis said. This matched the lowest reading since October 2024, as services inflation slowed to 3.4% from 3.9%, food inflation held steady at 2.8% and energy prices fell 4.6% compared with a 5.4% fall in April.
European shares ended the session modestly lower as the single currency broke out to new year-to-date highs versus the Greenback. Possibly weighing on the US dollar were mixed remarks around trade negotiations coming out of the US. Overnight, president Donald Trump threatened trade partners with sending letters in about a week and a half detailing what the "deal" would be and that they could either accept or refuse it.
US producer prices ticked up 0.1% month-on-month in May, according to the Bureau of Labor Statistics, following an upwardly revised 0.2% drop in April and below expectations of a 0.2% increase. Prices for goods increased 0.2%, while prices for services edged up 0.1%. On an annualised basis, producer prices increased 2.6%, in line with expectations, following April's upwardly revised 2.5% increase.
Americans lined up for unemployment benefits at a steady pace in the week ended 7 June, according to the Department of Labor. Initial jobless claims came to 248,000, in line with the previous week's upwardly revised rate and versus expectations of a drop to 240,000. Elsewhere, continuing claims jumped by 54,000 to 1.95m, while the four-week moving average, which aims to strip out week-to-week volatility, came in at 240,250, up by 5,000 when compared to the previous week's reading.
French aerospace giant Airbus has predicted a 3.6% average annual increase in passenger traffic over the long term, it announced in its Global Market Forecast on Thursday. The estimate is supported by an expected 2.5% expansion in global GDP, a 1.2bn increase in urban populations and 1.5bn more people entering the middle class - the demographic most likely to fly. According to Airbus, this growth will require around 43,400 new passenger and freighter aircraft deliveries over the next 20 years, comprising 34,250 single-aisle plans and 9,170 widebodies.
US and Chinese officials were said to have reached a "framework" trade agreement in London. Donald Trump said the deal with China was "done, subject to final approval with President Xi and me". He added that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%." As part of the deal, Trump said that magnets and "any necessary rare earths" would be supplied up front by China, while the White House will allow Chinese students to attend US colleges and universities. He stated that the prospect of opening up China to American trade was "a great WIN for both countries".
US consumer price inflation increased slightly less than expected in May, according to the Bureau of Labor Statistics, up 0.1% month-on-month. While economists were calling for a bigger 0.2% month-on-month increase, May's reading of 321.47 points still marked a new all-time high. The index for shelter was up 0.3% month-on-month, while the energy index declined 1% versus April.
US mortgage applications surged 12.5% in the week ended 6 June, according to the Mortgage Bankers Association, following the prior week's 3.9% decline. Applications to purchase a home advanced 10.3%, while those to refinance a mortgage shot up 15.6%. "Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month," said MBA deputy chief economist Joel Kan. "Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets."
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